The Elphinstone Spinning & Weaving Company was started in 1897 and first known as the "Tapidas Mill" until 1902 when it became known as the Elphinstone Mills.
It was established by Dayabhoy Tapidas of Tapidas Varajdas & Company, who in 1864 took over the management of one of the first mills, the Alliance Spinning & Weaving Company in Tardeo, as well as the Bombay National Mills in Sewri. E.D. Sassoon & Co., Ltd. took over the managing agency from 1922 until 1943.
Extensions to buildings and additions to machinery were made from 1945, including 8,500 additional spindles. In 1951, the mills were switched over from mechanical power to electrical power; a new factory for manufacturing plastic and nitrocellulose leather cloth was started in 1951, one of the biggest factories of its kind in India.
In 1943 the managing agency was sold by E.D. Sassoon to Chidambaram Mulraj & Co., Soorajmull Nagarmull of Calcutta, and the Kamani Group, which went bankrupt in 1982.
The mill was nationalised from the erstwhile Kamani Group in 1983 following the Textile Strike and became part of the National Textile Corporation (NTC). It was closed in 2004 and sold in 2005, and redeveloped into One India Bulls Centre, 841, Senapati Bapat Marg.